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Stigmatized properties: Time to come clean?

Murder, suicide, tradegy. If any of those befall your property, should you, would you telll a prospective tenant. Beware, some provinces are considering taking the choice out of your hands, reports CREW online. Is mandatory disclosure a good thing?

Video transcript below:

Crew TV: Every house has a past, good, bad. Should government disclose every dark detail of the property’s history. Suicide, murder or should the landlord or seller decide. Stigma sticks on this week’s episode of Investor Insight on Crew TV.

Houses at the centre of scandals and secrets grab the headlines. Now there are calls for the government to register those properties. Those … ahem… crime scenes, is that a step too far? Should the government disclose dark details of a property’s history or should the landlord decide?

Todor Yordanov, Proact InvestmentsTodor Yordanov: My background is European, so when you go back to Europe, you have those houses that are 3 – 4 – 500 years old, so how you register something against the property like that and then what have it sitting empty for 300 years, because, just because you have suicide in it. No life happens, things happen, you clean it up and move on. It’s just a real estate property, it’s just bricks and mortar, that’s all it is.

Crew TV: Who should be the bearer of grim tidings, the landlord, the provincial government?

Dan Foley, G.S. Maher Solutions Inc.Dan Foley: The agent selling the house plus the sellers is in a very difficult spot. These open a lot of exposure to lots of, so certainly my opinion is always disclose everything you can. Anything that would possibly be wrong with the property, definitely it is to be disclosed in my opinion.